Broader markets outperformed Indian benchmarks on Tuesday with the Nifty Midcap and Nifty Smallcap indices gaining over 2 percent each. In comparison, the benchmark Nifty rose around a percent in today’s deals.
The rise in midcaps and smallcaps comes on the back of overall positive market sentiment and value buying after the markets suffered losses for 6 straight sessions between September 27-October 7. Moreover, hopes of a rate cut in the RBI monetary policy review due tomorrow also aided the sentiment.
The Nifty Midcap100 index rose 2.16 percent to settle at 58,535.90 while the Nifty Smallcap100 index advanced 2.05 percent to end at 18,617.65. In comparison, the benchmark Nifty closed today’s session 0.88 percent higher at 25,013.15.
Stocks
On the Nifty Midcap 100 index, BSE was the top gainer, rallying over 11 percent followed by HUDCO, RVNL, Dixon Tech, IREDA, Balkrishna Industries, IRB, Solar Industries, and Indian Hotels, up over 5 percent each. Only 13 stocks in the index were in the red during the day with NMDC as the top loser, down almost 4 percent, Poonawalla Fincorp, SAIL, Phoenix Mills, IGL, APL Apollo Tubes, and Policy Bazaar also declined between 1-2 percent each.
Meanwhile, on the Nifty Smallcap 100 index, Trienni Turbine was the top gainer, surging over 10 percent followed by GRSE and HFCL, up over 9 percent and 8 percent respectively. KAynes Tech, CAMS, IndiaMart, Data Patterns, OLA electric, IRCON, Tejas Net, and Swan Energy also added over 6 percent each in today’s deals. 12 stocks in the smallcap index were also in the red with Brigade Enterprises down the most, around 3 percent. NALCO, GoDigit, Blue star, and Sonata Software also lost over a percent each.
Global Markets
Most Asian markets declined today, with the exception of Chinese stocks, which surged after returning from the Golden Week holiday, boosted by recent stimulus measures from Beijing. However, this positive momentum did not extend to other Asian markets, as Hong Kong retreated after its recent gains.
In the US, Wall Street’s major indexes fell around 1 percent overnight, impacted by rising oil prices and higher Treasury yields. Market sentiment was further weighed down by concerns about the potential impact of the Middle East conflict on oil prices.
Investors are now awaiting the release of the Federal Reserve’s September meeting minutes on October 9, looking for clues on future rate-cut strategies. Additionally, the upcoming consumer price index (CPI) data on October 10 will be a key factor in shaping the Fed’s monetary policy.
In India, the focus remains on September quarter earnings and ensuring stable fund flows in the domestic market.
